Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data GENMAB A/S files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2025
FY2025
Revenue
2,390
3,121
3,720
Cost of revenue
33
143
238
Gross profit
2,357
2,978
3,482
Research and development
1,107
1,414
1,606
Selling, general and administrative
478
549
626
Operating income
772
972
1,065
Interest expense
254
291
269
Interest income
299
645
408
Pre-tax income
817
1,326
1,204
Income tax
186
193
241
Net income
631
1,133
963
EPS, basic
9.67
17.66
15.50
EPS, diluted
9.58
17.53
15.37
Balance sheet
FY2023
FY2025
FY2025
Cash and equivalents
2,204
1,380
1,715
Receivables
733
923
1,112
Inventory
8
9
18
Total current assets
4,912
3,900
2,885
Property, plant and equipment
142
137
153
Lease right-of-use assets
102
128
127
Goodwill
0
355
355
Intangible assets
15
1,728
9,123
Total assets
5,232
6,414
12,873
Total current liabilities
368
744
1,427
Lease liabilities
101
131
134
Total liabilities
545
1,277
7,026
Total debt
0
5,274
Paid-in capital
1,942
1,961
1,920
Retained earnings
2,737
3,392
4,098
Total equity
4,687
5,137
5,847
Total liabilities and equity
5,232
6,414
12,873
Cash flow statement
FY2023
FY2025
FY2025
Net income
631
1,133
963
Cash from operations
1,071
1,126
1,186
Capital expenditures
-53
-27
-37
Cash from investing
-185
-1,447
-5,643
Debt issued
0
0
5,500
Debt repaid
0
0
-273
Cash from financing
-89
-566
4,789
Exchange rate effect
-12
63
3
Free cash flow
1,018
1,099
1,149
Interest paid
0
0
5
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $35.36 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
93.6%
Gross profit / revenue.
Operating margin
28.6%
Operating income / revenue.
Pre-tax margin
32.4%
Pre-tax income / revenue.
Net margin
25.9%
Net income / revenue.
FCF margin
30.9%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
31.9%
Cash from operations / revenue.
Effective tax rate
20.0%
Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)
10.0%
Net income / average total assets.
R&D / revenue
43.2%
Research and development expense / revenue.
SG&A / revenue
16.8%
Selling, general and administrative expense / revenue.
Capex / revenue
1.0%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
19.2%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
16.9%
Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y
9.6%
Operating income vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
-15.0%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-12.3%
EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
5.3%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
4.5%
Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
100.7%
Total assets vs the same period a year earlier. Only from a positive base.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.02x
Current assets / current liabilities.
Quick ratio
1.98x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.20x
(Cash + short-term investments) / current liabilities.
Debt / assets
41.0%
Total debt / total assets.
Liabilities / assets
54.6%
Total liabilities / total assets.
Net debt
$3.56B
Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage
3.96x
Operating income / interest expense.
Working capital
$1.46B
Current assets - current liabilities.
Goodwill and intangibles / assets
73.6%
(Goodwill + intangible assets) / total assets.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.39x
Revenue / average total assets.
Fixed asset turnover
25.7x
Revenue / average property, plant and equipment.
Inventory turnover
17.6x
Cost of revenue / average inventory.
Days inventory
21 days
365 x average inventory / cost of revenue.
Receivables turnover
3.66x
Revenue / average receivables.
Days sales outstanding
100 days
365 x average receivables / revenue.
FCF conversion
119.3%
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
3.1%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$15.37
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$15.50
Net income per basic share, as reported (split-adjusted).
Valuation
Metric
Value
How it is calculated
Market cap
$4.54B
Share price x shares outstanding.
Enterprise value
$8.10B
Market cap + total debt - cash - short-term investments.
P/E
4.72x
Market cap / net income. Only when net income is positive.
P/S
1.22x
Market cap / revenue.
P/FCF
3.95x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
3.83x
Market cap / cash from operations, when positive.
EV/Sales
2.18x
Enterprise value / revenue.
EV/EBIT
7.61x
Enterprise value / operating income, when both are positive.
EV/FCF
7.05x
Enterprise value / free cash flow, when both are positive.
FCF yield
25.3%
Free cash flow / market cap.
Earnings yield
21.2%
Net income / market cap (the inverse of P/E).
What was GENMAB A/S's revenue in fiscal 2025?
GENMAB A/S reported revenue of $3.72B for fiscal 2025, 19.2% higher than the year before.
Was GENMAB A/S profitable in fiscal 2025?
Yes. Net income was $963.0M, a net margin of 25.9%.
How much free cash flow did GENMAB A/S generate in fiscal 2025?
Cash from operations of $1.19B minus capital expenditures of $37.0M left free cash flow of $1.15B.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.